Release Date:
Timber Products Co. reached an agreement to acquire the assets of the Panel Products Division from The Penrod Co.
Mike Clausen, Timber Products' vice president of sales for the company's Hardwood Plywood and International Division, will merge the Penrod Division into the Timber Products International Division.
"We are excited to expand our International Division with the Penrod acquisition which includes their sales team. We are enthusiastic about what this means to our customers and the tremendous growth potential this acquisition will bring to Timber Products. We look forward to providing Mike and his team with the resources necessary to realize Timber Products International's full potential," said Joe Gonyea III, chief operating officer at Timber Products.
"The sale to Timber Products of the assets of the Panel Division allows Penrod to refocus our energies in serving the clients of our Hardware Division, Engineered Wood Products Division and the international marketplace via our Export Division. We are delighted that our Panel Products Division will remain intact as a result of this transaction and I wish all the best for our former employees and to Timber Products," said Carl Gade, president of The Penrod Co.